- The document is Yamana Gold's first quarter report from 2017, which provides an overview of the company's performance and outlook. - It discusses Yamana's progress on its six pillar approach, including improving operations, advancing development projects, strengthening its balance sheet, making exploration discoveries, growing its pipeline, and rationalizing non-core assets. - Key highlights mentioned are that production and costs were better than budget in Q1, consolidated gold production guidance was increased, and significant improvements are expected in the second half of 2017 across various operations.

1. 2017 First Quarter
May 4, 2017

2. Cautionary Note Regarding Forward-Looking Statements
2
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of
1995 and applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking statements, including any
information as to the Company’s strategy, plans or future financial or operating performance, the outcome of the legal matters involving the damages assessment and any related enforcement proceedings.
Forward-looking statements are characterized by words such as “plan,” “expect”, “budget”, “target”, “project”, “intend,” “believe”, “anticipate”, “estimate” and other similar words, or statements that
certain events or conditions “may” or “will” occur. Forward looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are
made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward
looking statements. These factors include the Company’s expectations in connection with the expected production and exploration, development and expansion plans at the Company’s projects discussed
herein being met, the impact of proposed optimizations at the Company’s projects, the impact of the proposed new mining law in Brazil and the impact of general business and economic conditions, global
liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating metal prices (such as gold, copper, silver and zinc), currency
exchange rates (such as the Brazilian Real, the Chilean Peso, and the Argentine Peso versus the United States Dollar), the impact of inflation, possible variations in ore grade or recovery rates, changes in the
Company’s hedging program, changes in accounting policies, changes in mineral resources and mineral reserves, risk related to non-core asset dispositions, risks related to metal purchase agreements, risks
related to acquisitions, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, risk related to joint venture
operations, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, steel, power, labour and other consumables contributing to higher costs and general risks of the
mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, final pricing for concentrate sales, unanticipated results of future studies, seasonality and
unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation and the risk of government expropriation or
nationalization of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and timing and possible outcome of pending litigation
and labour disputes, as well as those risk factors discussed or referred to in the Company’s current and annual Management’s Discussion and Analysis and the Annual Information Form filed with the securities
regulatory authorities in all provinces of Canada and available at www.sedar.com, and the Company’s Annual Report on Form 40-F filed with the United States Securities and Exchange Commission. Although the
Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that
cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates, assumptions or opinions
should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the
purpose of assisting investors in understanding the Company’s expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company’s plans and
objectives and may not be appropriate for other purposes.
The Company has included certain non-GAAP financial measures, which the Company believes that together with measures determined in accordance with IFRS, provide investors with an improved ability to
evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures
employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
The non-GAAP financial measures included in this management discussion and analysis include: co-product cash costs per ounce of gold produced, co-product cash costs per ounce of silver produced, co-product
cash costs per pound of copper produced, all-in sustaining co-product costs per ounce of gold produced, all-in sustaining co-product costs per ounce of silver produced, all-in sustaining co-product costs per
pound of copper produced, adjusted earnings or loss, adjusted earnings or loss per share, adjusted operating cash flows, net debt, net free cash flow, and average realized price per ounce of gold sold, average
realized price per ounce of silver sold, average realized price per pound of copper sold. Please refer to section 124 of the Company’s first quarter MD&A filed on SEDAR for a detailed discussion of the usefulness
of the non-GAAP measures. The terms “EBITDA” and “EBITDA Margin” do not have a standardized meaning prescribed by IFRS, and therefore the Company’s definitions are unlikely to be comparable to similar
measures presented by other companies. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information
to evaluate the Company’s performance. In particular, management uses these measures for internal valuation for the period and to assist with planning and forecasting of future operations. The presentation
of EBITDA and EBITDA Margin is not meant to be a substitute for the information presented in accordance with IFRS.
The information presented herein was approved by management of Yamana on May 3, 2017.
All amounts are expressed in United States dollars unless otherwise indicated.

3. 3
Peter Marrone
Chairman and CEO

4. Management Presenting on the Call
4
Overview
• Peter Marrone
Operations
• Daniel Racine
Finance
• Jason LeBlanc

5. 5
Six Pillars Approach
 Improve our operations
 Advance development stage
projects
 Improve the balance sheet
and demonstrate financial
performance
 Make and advance
important exploration
discoveries
 Develop a pipeline
organically and through
strategic initiatives
 Rationalize and create value
from non-strategic assets

6. 6
Q1 2017 Tactical Progress
Improve our operations
• Production and costs better than budget expectations
• Increased consolidated gold production guidance
• Significant production and cost improvements expected
in H2 2017


7. 7
Q1 2017 Tactical Progress
Advance development stage projects
• Cerro Moro advancing on budget and on schedule –
mechanical completion advancing to end of year and
production planned to commence in early 2018
• Government authorization for Canadian Malartic
Extension Project received (April 17, 2017)
• Suruca advancing to production expected in Q2 2019


8. 8
Q1 2017 Tactical Progress

Improve the balance sheet and demonstrate financial
performance
• Continue to maintain strong margins and generate cash
flow: improve over the balance of 2017
• Realized cash proceeds through several monetization
initiatives including the Brio Gold block sale
• Continue to target net debt
reduction by year-end
(increase in Q1 offsets to
follow)
• Financial performance
improvements expected
with planned production
increases and cost
decreases through H2 2017

9. 9
Q1 2017 Tactical Progress
Make and advance important exploration discoveries
• Focus on existing operations
• Positive continuation of the programs started in 2016
• Notable results at all six operating mines
• Ramping up exploration
at Cerro Moro
• Expect increases in
Mineral Resources and
Mineral Reserves on a
consolidated basis and by
operation

10. 10
Q1 2017 Tactical Progress
Develop a pipeline organically and through strategic initiatives
• Optimization of existing operations
• Technical Services is advancing studies at Upper
Beaver/Kirkland Lake, Deep Carbonates and other
opportunities
• Advancing exploration program at Monument Bay

11. 11
Q1 2017 Tactical Progress
Rationalize and create value from non-strategic assets
• Completed Brio Gold private placement sale
• Reviewing other strategic opportunities with respect to Brio
Gold including business consolidation opportunities
• Advancing re-evaluation of
non-strategic assets toward
having a plan to maximize
value for each asset by
year-end, including
Kirkland Lake, Agua Rica,
Agua de la Falda and Le
Pepa

12. 12
Daniel Racine
EVP and Chief Operating Officer

13. Q1 2017 Production
Start of Year Tracking to Expectations
13
Original 2017
Guidance
Q1 2017
Gold Ounces
Chapada 110,000 19,089
El Peñón 140,000 33,637
Canadian Malartic (50%) 300,000 71,382
Gualcamayo 145,000 37,728
Minera Florida 105,000 21,685
Jacobina 120,000 32,126
Yamana Gold Production 920,000 215,647
Silver Ounces
Chapada 260,000 55,926
El Peñón 4,150,000 960,820
Minera Florida 330,000 62,362
Yamana Silver Production 4,740,000 1,079,108
Copper Pounds
Chapada 120M 26.5M
Increased 2017 gold
production guidance to
940k oz.
Well Positioned
with Q1 production
above plan
54% of production expected in H2

14. Q1 2017 Costs
Start of Year Tracking to Expectations
14
2017 Guidance Q1 2017
Above/Below Q1
Plan
Per Gold Ounce (Yamana’s six mines)
Total cost of sales per unit sold $945 - $965 $1,045 Below
Co-product cash costs per unit produced(1) $665 - $675 $687 Below
Co-product AISC per unit produced(1) $890 - $910 $912 Below
Per Silver Ounce
Total cost of sales per unit sold $14.20 $15.14 Below
Co-product cash costs per unit produced(1) $10.55 $10.36 Below
Co-product AISC per unit produced(1) $14.30 $14.24 Below
Per Copper Pound - Chapada
Total cost of sales per unit sold $1.70 $1.79 Below
Co-product cash costs per unit produced(1) $1.60 $1.78 Below
Co-product AISC per unit produced (1) $2.00 $2.13 Below
CostReductionsExpected on AlreadyLowCosts
Due to planned production increases and other
operational improvements in 2017
1. A non-GAAP measure. A reconciliation of the IFRS measure to this non-GAAP measure can be found at www.yamana.com/Q12017.

15. 15
Operating Highlights By Mine
Chapada
First Quarter Highlights:
• The Advanced Control
System was
commissioned in Q1 and
the cleaner circuit
expansion is advancing
for commissioning in Q4
• These initiatives will
improve processing
stability and increase
gold and copper
recoveries to targeted
annual guidance
• Gold and copper are on
target to achieve 2017
production guidance
Strategy and Initiatives:
• Implementing processing optimization/expansions
• Optimizing the mining sequence to prioritize
higher value deposits

16. 16
Operating Highlights By Mine
El Peñón
First Quarter Highlights:
• Production ramped-up
quickly with successful
conclusion of union
negotiations in January
• Exceeded Q1 budget
expectations as both
tonnes processed and
recovery rates
exceeded expectations
• Continuing to adjust
overhead, mining cost
structure and
exploration spend to
maximize cash flow
Strategy and Initiatives:
• Productivity increase program (LEAN) advancing –
Wave 1 and Wave 2
• Significant exploration potential both near mine
and in the district

17. 17
Operating Highlights By Mine
Canadian Malartic
First Quarter Highlights:
• Highest Q1 throughput
rate since operations
began
• Continuing to pursue
opportunities to further
improve efficiency
• Production is on track to
achieve 2017 production
guidance
• Québec government has
authorized the Canadian
Malartic Extension
Project
Strategy and Initiatives:
• Stabilize mill throughput and increase SAG mill
availability
• Advance Odyssey

18. 18
Operating Highlights By Mine
Gualcamayo
First Quarter Highlights:
• Strong operational
quarter that delivered
on expectations
• Production is on track
to achieve 2017
production guidance
• Recently discovered
oxide deposits around
the main pit as well as
district targets are
advancing Strategy and Initiatives:
• Mine productivity and processing optimizations
• Drilling at Deep Carbonates to re-start in 2018

19. 19
Operating Highlights By Mine
Minera Florida
First Quarter Highlights:
• Hauling improvements
initiated in Q1
• Continuing to advance
the whole ore leach
project, and the
potential for expansion
and improvement of
the crushing and
grinding circuits
• Well positioned to
meet production
targets for 2017
Strategy and Initiatives:
• Advancing the exploration program at the Las
Pataguas target
• Resumption of the development of the Hornitos
tunnel

20. 20
Operating Highlights By Mine
Jacobina
First Quarter Highlights:
• Production was 7% higher
compared to Q1 ’16 and
is on track to achieve
2017 production
guidance
• Strong Q1 production,
together with a focus on
cost control, has the
operation well
positioned to achieved
2017 cost guidance
Strategy and Initiatives:
• Implementing processing
optimization/expansions
• Optimizing the mining sequence to prioritize
higher value deposits

21. 21
Jason LeBlanc
SVP, Finance and Chief Financial Officer

22. Delivering Financial Performance
22
Q1 2017 Q1 2016 Change
Revenue $403.5 $400.9 $2.6
Net earnings/(loss) (1) $(5.9) $36.1 $(42.0)
Net earnings/(loss) per share(1) (0.01) 0.04 (0.05)
Mine operating earnings $59.5 $78.9 $(19.4)
G&A expense (excluding Brio Gold and stock based
expenses)
$18.3 $15.9 $2.4
DD&A $106.0 $104.9 $1.1
Expansionary Capital $60.8 $20.2 $40.6
Exploration capitalized/expensed $17.5/$4.0 $16.9/$2.9 $0.6/$1.1
Cash flows from operating activities $51.3 $116.2 $(64.9)
Cash flows from operating activities before net
changes in working capital(2)
$117.2 $115.1 $2.1
Note: In millions (M$) except for per share figures
1. From continuing operations attributable to Yamana equity holders.
2. A non-GAAP measure. A reconciliation of the IFRS measure to this non-GAAP measure can be found at www.yamana.com/Q12017.

23. 23
Brio Gold
Cost Guidance(2)
Q1 2017A FY 2017E FY 2018E FY 2019E
Total Cost of Sales per oz $1085 $995-$1015 $910-$930 $945-$965
Cash Costs per oz(1)
$842 $800-$820 $650-$670 $680-$700
AISC(1)
$1056 $1080-$1100 $805-$825 $855-$875
 Currently hold 89.2M shares, representing
79.3% basic shares outstanding and 75.3%
on a fully diluted basis
 Monetization opportunities through either:
• Block sale of shares
• Potential M&A consolidation transaction
Production Guidance Q1 2017A FY 2017E FY 2018E FY 2019E
Total Gold Production
(000 ozs)
50,540 223-243 355-380 397-417
Attributable production in
Q1 of 41,886 oz.

24. Historical Seasonality
Yamana Yields a Strong Second Half
24
• Note: Represents total metal production with the silver and copper production converted to gold-equivalent based on average realized commodity prices. Excludes partial
year production from Sao Vincente and Sao Francisco in 2010, Canadian Malartic in 2014, and Mercedes in 2016. Includes commissioning production from various mines
over 2012-2014.
30%
40%
50%
60%
2010 2011 2012 2013 2014 2015 2016
Yamana Production Weighting
H1 H2
 2017 performance expected to be similar to trend seen since 2010
54% of 2017
production expected
in H2